“投资者付费”模式能改善评级市场的信息质量吗?——基于中债资信评级的实证研究

Can the“Investor-paid” Rating Model Improve the Information Quality of the Rating Market?

金融危机爆发后,"投资者付费"评级机构由于其相对独立性和客观性,被赋予提高评级市场公信力的期望。本文利用2008～2016年发债企业主体评级和债券发行数据,考察了我国首家"投资者付费"机构——中债资信的评级,对评级市场信息质量的影响。研究发现,中债评级是否覆盖同一受评对象对其他机构评级高低无影响,这与国内外现有文献的研究结论不同。但是,中债评级释放了其他机构评级质量的信号,在中债评级与其他机构评级存在较大差异的情况下,投资者会利用中债评级信息对债券定价进行调整,说明"投资者付费"模式有助于改善评级市场的信息质量。

Since the global financial crisis broke out in 2008, the “investor-paid” rating agencies are expected to improve the credibility of credit rating market because of its relative independence and objectivity. Using data from 2008 to 2016 on non- financial firms’ ratings and bond issuances, this paper analyses the impact of “investor-paid” ratings on the information quality of the rating market. The results show that, the “issuer-paid” rating level has not changed following the “investor-paid” agency’s rating coverage. This is inconsistent with the results of the existing researches. However, the “investor-paid” ratings can provide quality signal of the “issuer-paid” ratings, and when the difference between the two is big enough, investors may adjust the bond issuing price by using the “investor-paid” ratings. In other words, the “investor-paid” model helps improve the information quality of the rating market.